Picton Property Income has let a 50,000 sq ft Essex warehouse to Hoddesdon Distribution following a refurbishment in the final quarter of last year.
The income-focused property investment company has completed the deal for Unit F1, River Way Industrial Estate, Harlow, securing annual rental income of £340,000 – some 5% ahead of the independent estimated rental value.
River Way Industrial Estate comprises 11 warehouse units with a total lettable area of 449,000 sq ft. It is currently let to occupiers including TNT, FedEx and Astro Lighting, which renewed its lease in March 2013.
Jay Cable, head of asset management at Picton, said: “On completing this letting, we have filled one of the top three voids in Picton’s portfolio ahead of ERV, while also reaching 100% occupancy at the estate.
“This is a strong endorsement of our decision to invest through refurbishment earlier in the year.”
Colliers International and Derek Wade Waters acted for Picton; Hoddesdon Distribution were unrepresented.
bridget.o’connell@estatesgazette.com
